格隆汇12月29日丨合康新能(300048.SZ)在互动平台表示，公司目前不涉及机器人业务。公司户用储能 产品涵盖户储一体机与户储分体机，覆盖了三相、单相及高压、低压不同应用场景，能够满足欧洲、澳 洲、亚洲、非洲等多个国家市场的需求。公司将持续加强产品研发和市场拓展，提升户储业务的竞争 力。 ...

图： 海辰储能 高级产品经理 林日 以下为现场速记内容： 尊敬的各位来宾、各位同仁，大家上午好！ | | | 73 :: 24 短点酒电 22 酒点保能 | | | | | হিন্দ 親 | 程 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2015 0 2025 | | | | 巨火 K 5 | 125 同 行 | | | | | | | | | 起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | | | | | | F | | 1011 作 | 能 及 | 田 | क | | | | | H Elli | | | 157 Status and States | | | | t 100 | | | | | | | 中国 · 深圳 2025,12.18 | | | | | | | 专场冠名 | C BZ東州 | | | | | | | | | | 合影墙独家冠名 | XES | 签到墙独家品 | - 川曾理电 | 椅背贴视家冠名 | | AHOMB | 矿泉水独家 | SS ■ 能 材 B | | | 帮助及通讲 ...

2025 年 12 月 16 日 【宏观及行业新闻】 SMM 电池级碳酸锂指数价格 95238 元/吨，环比上一工作日上涨 657 元/吨；电池级碳酸锂 9.35-9.68 万元/吨，均价 9.515 万元/吨，环比上一工作日上涨 650 元/吨；工业级碳酸锂 9.2-9.33 万元/吨，均价 9.265 万元/吨，环比上一工作日上涨 650 元/吨。（上海有色网） 12 月 13 日，澳大利亚政府确认追加 50 亿澳元用于户用储能补贴，这意味着"更便宜的家用电池计 碳酸锂：复产消息反复，宽幅震荡 邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi@gtht.com 刘鸿儒（联系人） 期货从业资格号：F03124172 liuhongru@gtht.com 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2601合约（收盘价） | 99,100 | 3,180 | 6,040 | 3,980 | 1 ...

德业股份 20251211 摘要 德业股份四季度出货量显著增长，12 月排产接近 10 万台，预计创历史 新高，主要得益于'''的出货量增长，从每月几千台增至接近 2 万台。 2025 年澳洲市场销售额预计达 2-3 亿元人民币，实现数倍级增长，主 要受补贴政策推动，预计 2026 年仍保持强劲，公司计划增加投入以提 升市场份额。 公司看好美国市场，尽管受关税影响，但中美关系缓和及数据中心需求 增加将刺激户储及工商储业务增长，关税延缓至明年 11 月。 2026 年欧洲市场将继续深耕，东欧国家需求稳定且有政府补贴，可能 成为亮点，西欧和德语区预计保持平稳增长。 工商业储能适配电池包比例高，达 80%-90%，户储自配率约为 20%- 30%，公司正逐步提升户储系统中的自配比例，目前户储占比约 55%，工商储占比 45%。 公司对印尼市场持乐观态度，与当地政府及国内央企合作打造标杆项目， 预计未来 1-2 年内形成规模，2026 年开始落实能源推进计划。 电芯价格上涨约 10%，公司与亿纬、鹏辉等厂商合作，确保供应稳定， 预计压力持续至 2026 年一季度，将开发新型大容量电池以降低成本。 Q&A 德业股份在 ...

Summary of the Conference Call for GoodWe Company Overview - The company discussed its performance in the energy storage and inverter sectors, with a focus on expanding into Southeast Asia and other emerging markets [2][4][6]. Key Points and Arguments Financial Performance - The company expects fourth-quarter revenue to be approximately 500 million yuan, remaining stable compared to the third quarter [2][4]. - The average monthly shipment of energy storage inverters is projected to be between 15,000 to 20,000 units, consistent with or slightly above the previous quarter [2][4][5]. Energy Storage Business - Energy storage batteries are expected to see a quarter-on-quarter growth of 30% to 50%, with November achieving a historical high, primarily due to subsidies in the Australian market [2][4][5]. - The Australian market accounts for 40% to 50% of the company's energy storage business, while Europe contributes 30% to 40% [2][4][5]. Market Expansion - The company is actively expanding into emerging markets such as Southeast Asia, the Middle East, Ukraine, and Pakistan, which are gradually developing towards integrated energy storage systems [2][6]. - The company holds a market share of approximately 10% in the Australian household storage market, ranking among the top five competitors [2][9]. Product Development - A new ESA integrated machine product was launched in late October to early November, receiving positive market feedback and is expected to enhance market share [2][10]. Market Trends and Outlook - Demand in Australia is expected to remain stable or slightly increase in 2026, with emerging markets in Asia, Africa, and Latin America contributing additional growth [3][12]. - The company maintains an optimistic outlook for 2026, focusing on consolidating traditional strengths in household photovoltaics and accelerating commercial and large-scale energy storage projects [2][7][13]. Competitive Landscape - The company faces competition from players like Siga and FOX, with Tesla's market share declining [9]. - The Australian market experiences seasonal fluctuations, with stronger performance in the second, third, and fourth quarters, driven by subsidy policies [11]. Future Projections - The company anticipates a significant increase in energy storage system shipments, projecting a growth of 30% to 50% in 2026 [13]. - The company is also exploring ODM orders and pilot projects in energy storage, aiming to establish a more independent business unit [14]. Challenges and Risks - Short-term market issues may impact sales volume, while long-term challenges could affect brand reputation and customer confidence [8]. - The company acknowledges the need for reliable systems, especially in light of recent instability in competitor products [8]. Regional Insights - The Ukrainian market currently has a low shipment volume of about 1,000 units per month, but there are opportunities for growth as competitors have begun to capitalize on this market [21]. Additional Important Information - The company is focusing on integrating energy storage systems and enhancing the reliability and safety of its products over the next few years [14]. - The energy storage market is expected to see significant growth in both commercial and residential sectors, with a focus on larger capacity systems [12][17].

Core Insights - The global photovoltaic and energy storage industry is experiencing a significant "talent migration" from Huawei, with several high-level executives leaving to establish startups focused on the integration of solar and storage technologies [1] Company Overview - Sigen Energy, a notable startup from the Huawei ecosystem, submitted its IPO application to the Hong Kong Stock Exchange on February 21, 2025, but its prospectus expired on August 21 due to failure to complete the listing hearing within six months [2] - Founded just three years ago, Sigen Energy achieved a revenue of 1.33 billion yuan in 2024, a staggering 22-fold increase year-on-year, with revenue for the first four months of 2025 reaching 1.206 billion yuan, nearing the total for 2024 [3] Leadership and Background - The founder, Xu Yingtong, has a deep background in Huawei, having worked there for 23 years and led Huawei's inverter business to global success. He left with over ten core team members [3] - The company’s president, Zhang Xianmiao, has over 11 years of experience at Huawei, contributing to the strong technical foundation of Sigen Energy [3] Market Positioning - Sigen Energy's core product, the SigenStor all-in-one solar storage charging machine, and its modular design are key to its international market expansion. The company has strategically focused on the residential storage market, which lacks dominant players [4] - The global residential energy storage market is expected to grow over 60% in 2025, while the overall share of distributed storage is only 0.7%. Sigen Energy's positioning allows it to avoid intense competition and capitalize on the growth phase of residential storage [4] Financial Performance - Sigen Energy completed six rounds of financing within 19 months of its establishment, raising a total of 700 million yuan, with its valuation skyrocketing from 220 million yuan to 4.4 billion yuan [4] - The company’s production capacity has rapidly increased, with utilization rates for energy storage batteries and inverters rising to 90.0% and 83.4% respectively in 2024, leading to a production surge of 5 to 10 times [5] Profitability and Growth Challenges - Despite impressive growth, Sigen Energy faces high debt levels, with a total asset-liability ratio of 55.6% as of the first four months of 2025. The company has accumulated losses exceeding 450 million yuan over three years [6] - The company’s sales expense ratio of 15% is significantly higher than its peers, indicating a high-investment strategy to capture market share [6] Governance and Compliance Issues - Sigen Energy has faced compliance risks due to historical shareholding arrangements involving significant equity holding through proxies, which have now been resolved but raise questions about the fairness of early-stage equity pricing [7][8] - The company must address inquiries from regulatory bodies regarding whether these arrangements affected compliance with competition clauses related to its former employer, Huawei [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price corresponding to a PE of 34.7X and 26.6X for 2025 and 2026 respectively [2][4]. Core Views - The company has entered an operational turning point, driven by the dual engines of data centers and household energy storage, with an upward trend expected. As a leading player in the domestic data center market, the company is set to benefit directly from the global expansion of intelligent computing capital expenditures. Although the solar storage business faces revenue pressure due to reliance on major clients and an industry downturn in 2024, a gradual recovery is anticipated as the market rebounds [1][6]. Financial Data and Valuation - Total revenue for 2023 is projected at 5,440 million, with a year-on-year growth of 24%. However, a decline of 24% is expected in 2024, followed by a recovery with growth rates of 16%, 21%, and 20% in 2025, 2026, and 2027 respectively [3][21]. - Operating profit is expected to be 1,018 million in 2023, with a significant drop to 469 million in 2024, before recovering to 690 million in 2025 and reaching 1,035 million by 2027 [3][21]. - The net profit attributable to the parent company is forecasted to be 845 million in 2023, declining to 394 million in 2024, and then recovering to 579 million in 2025, with further growth to 869 million by 2027 [3][21]. - The company’s earnings per share (EPS) is projected to be 1.45 in 2023, dropping to 0.68 in 2024, and then increasing to 0.99 in 2025 [3][22]. Business Performance - In the first half of 2025, the company reported revenue of 2,163 million, a year-on-year increase of 14.35%, with a net profit of 255 million, up 16.49% year-on-year. The gross profit margin was 28.99%, reflecting a decrease of 3.01 percentage points [6][9]. - The data center business generated revenue of 1,329 million in the first half of 2025, with a year-on-year growth of 7.89%. The gross margin for this segment was 33.26% [6][9]. - The renewable energy business achieved revenue of 813 million in the first half of 2025, marking a year-on-year increase of 26.38%, although it faced short-term fluctuations due to inventory issues with European clients [6][9]. Market Position and Strategy - The company has established itself as a key supplier for major internet clients such as ByteDance, Alibaba, and JD.com, indicating strong market positioning [6][9]. - The introduction of integrated cooling solutions for high-density scenarios, such as the AquaCube series, highlights the company's innovation in addressing market needs [6][9]. - The company is accelerating its overseas expansion, particularly in the UPS market, which is expected to enhance its prospects in the HVDC segment [6][9].

Core Viewpoint - The traditional household energy storage market is undergoing a deep reshuffle, gradually recovering with a concentrated market structure, while high-growth new markets continue to emerge, leading to a return to steady growth in global installations by 2025 [1] Group 1: Market Dynamics - Significant order growth has been reported by various stakeholders in the energy storage sector, including cell manufacturers and system integrators, with expectations for continued demand in the second half of the year [2] - The European household storage market is experiencing a reshaping of channel structures, with leading solar storage channel providers evolving into "light asset service providers" and "regional oligarchs," which is forcing equipment supply to concentrate on leading manufacturers [2] - The demand for 100Ah battery cells has surged, with prices nearing 0.4 RMB/Wh due to concentrated orders and increased demand driven by subsidy policies and energy security needs in regions like Europe, India, and Australia [7][8] Group 2: Company Insights - Penghui Energy ranks among the top three global suppliers of household energy storage lithium batteries and anticipates a significant increase in shipment volumes by 2025 [4] - The company has established a major production base in Qingdao with an investment of approximately 13 billion RMB and a planned capacity of 36GWh, which is expected to alleviate the supply shortage of 100Ah cells [9][10] - Penghui Energy's focus on user value and technological innovation has led to enhancements in the cycle life of its 100Ah household storage solutions, increasing from 4000 cycles to 7000 cycles [11] Group 3: Product Development - The POLAR series of low-temperature household storage cells have been developed to meet the needs of cold regions, achieving charging temperatures as low as -30°C with over 95% efficiency [15] - The company is also addressing high-temperature and waterproof requirements for household storage products in Southeast Asia, with its cells meeting IP67 protection standards [20] - Penghui Energy offers a full range of products, including square, cylindrical, and soft-pack batteries, with the HOME series achieving significant market penetration and competitive advantages [22] Group 4: Market Outlook - The European market for household storage remains robust, while Australia shows significant growth potential due to low penetration rates and upcoming subsidy policies, which could lead to a 3-6 times increase in installations by 2025 [24] - Emerging markets in Asia, Africa, and Latin America face urgent electricity shortages, driving demand for household storage solutions, particularly in Southeast and South Asia [24] - Chinese household storage battery suppliers, such as Penghui Energy, are well-positioned to benefit from these market dynamics due to their strong product quality and differentiated technological advancements [25]

Core Viewpoint - The company, Hekang New Energy Technology Co., Ltd., reported significant growth in revenue and net profit for the first half of 2025, reflecting strong operational performance and effective management strategies [1][2]. Financial Performance - The company achieved operating revenue of 4.497 billion yuan, a year-on-year increase of 163.06% [1]. - The net profit attributable to shareholders reached 71.1837 million yuan, marking a year-on-year growth of 732.83% [1]. - The net cash flow from operating activities was 251 million yuan, indicating healthy cash flow management [1]. Business Development - The company expanded its household photovoltaic EPC business from 15 to 22 provinces, with a cumulative grid-connected capacity exceeding 3GW as of June 30, 2025 [2]. - The company launched a new range of photovoltaic grid-connected inverters with power ratings between 20KW and 40KW, covering approximately 70% of the market application scenarios for household grid-connected inverters [2]. R&D and Market Strategy - The company is focusing on product research and market capability development in the household energy storage sector, with a robust order reserve situation supporting future growth [2]. - The company’s production base for energy storage in Anqing commenced operations on June 25, 2025, ensuring sufficient capacity for order fulfillment [2]. Industry Positioning - In the high-voltage frequency converter business, the company is leveraging national policies for equipment upgrades and domestic substitution, leading to a significant increase in project orders [3]. - The company signed a joint development agreement with China National Nuclear Corporation for a nuclear power intelligent high-voltage frequency conversion system [3]. - The company is actively exploring overseas markets in South America and Southeast Asia, focusing on industries such as HVAC, mining, and cement [3].

Core Viewpoint - The energy storage market, particularly in the commercial and industrial sectors, is experiencing significant growth, with companies that have previously focused on residential storage now entering this lucrative market [1][2][10]. Group 1: Market Trends - The overseas commercial and industrial energy storage market is witnessing unprecedented growth, with companies that have been active in this space for years benefiting the most [2][3]. - Financial reports from various companies indicate a consensus on the rapid growth of overseas commercial energy storage, highlighting a strong upward trend [4][5]. - According to TrendForce, the global commercial energy storage installation capacity is expected to grow significantly, with a projected increase of 66% and 69% in 2025 compared to the previous year [8][10]. Group 2: Company Performance - Jinlang Technology reported a revenue of 790 million yuan in H1 2025 from energy storage, a 314% year-on-year increase, with commercial energy storage significantly boosting overall profit margins [5]. - Airo Energy's Q2 2025 shipment volume exceeded 1.2 billion yuan, with a 210% quarter-on-quarter growth in commercial energy storage, marking it as a key highlight [5]. - Deye's Q1 2025 commercial energy storage shipment reached 16,100 units, a year-on-year increase of approximately 5,000 units, with expectations for continued strong performance in Q2 [5]. Group 3: Market Opportunities - The European market is opening up for energy storage due to government incentives, with a significant gap in the current installation of storage systems relative to solar capacity [16][22]. - Southeast Asia is emerging as a promising market for energy storage, driven by regulations and incentives for solar and storage installations [21][22]. - The decreasing cost of battery cells is making commercial energy storage more financially attractive for businesses, leading to increased adoption [22]. Group 4: Competitive Landscape - The commercial energy storage market is characterized by varying business models and strategies, with companies needing to adapt to different market conditions [24][41]. - Profit margins in the commercial storage supply chain are substantial, with manufacturers and distributors showing strong sales intentions due to favorable profit dynamics [25][28]. - The competition is shifting from hardware specifications to software and operational efficiency, with companies focusing on AI-driven maintenance solutions to enhance customer loyalty [36][40].